“We’re starting to see a steady decline in the vacancy rate, a steady decline in rental stock, a contraction in the number of days on market and we haven’t hit the peak of the market for 2019,” she said.

Relocation agents signal a population pick-up

Ms Joyce said two areas of the market in particular were showing signs of stabilisation — outer suburbs with high rental turnover along with an oversupply of stock, and inner suburbs popular with families moving to Perth for work.

“We’re starting to get interest now for families relocating for the start of the new school year,” Ms Joyce said.

Relocation agents were seeking rental properties at the upper end of the market for oil and gas workers, Ms Joyce added.